The Pancakeswap team announced a few hours ago that it had burned 6,854,343 CAKE tokens (approximately $53 million). The team also bought back 351,000 CAKE ($2.7M) from the market. It generated 24,000 CAKE ($187,000) in NFT profile and auto/IFO CAKE pool fees.
PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) with an automated market maker (AMM) model for swapping BEP-20 tokens. CAKE is trading at $7.34 per token, down by 12% in the last 24 hours.